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Are you in between jobs? We know how difficult it is to work with a tight budget. With a limited income, there’s only so much you can cover in your monthly expenses – groceries, rent, mortgage, or car payments. On top of it, if you hit one little bump, such as an unexpected home maintenance bill, things can get super stressful quickly. That’s why we offer payday loans for unemployed on benefits in Canada.
In Canada, online direct lenders like iCASH provide access to payday loans for those who are receiving unemployment benefits. This kind of small loan relies on the employment insurance funds as the primary source of income for the borrower.
If you’re receiving EI, you can apply for a payday loan for unemployed with us. We offer quick loans that are flexible and affordable to help Canadians cope with the stress that comes with unemployment. We understand how important it is to have access to momentary financial relief under challenging circumstances.
Employment insurance is a program by the Government of Canada that provides temporary income support to individuals who lost their jobs and are actively looking for employment or upgrading their skills.
Anyone who earns an income in Canada pays towards the program from their monthly checks, so they can access benefits later if they happen to lose their job or need to go on temporary leave.
The program is crucial for Canadians because it helps cover their income loss and helps them handle the uncertainty that comes with unemployment. However, the amount that is paid out doesn’t begin to cover the vast everyday expenses of Canadians today, especially those with young families.
Payday Loans for Unemployed on Benefits
Payday loans for https://cashcentralpaydayloans.com/payday-loans-az/ unemployed on benefits are available for those who are receiving an EI income and need access to fast cash. Applying for a loan for unemployed can help you find relief until you start earning regular income again.
In today’s economic climate, anyone can lose their job at the split of a second. If you do happen to find yourself without a job, there’s nothing to be ashamed of. Although it’s best to save money for uncertain times, it’s a luxury not many Canadians can afford.
It’s important to realize when it’s appropriate to apply for a payday loan for unemployed and what are some ways these loans are designed to help you out:
How Do Loans for Unemployed Work?
Loans for unemployed work the same way as other small loans; the only difference is that the borrower applies for a loan using their monthly EI payments as their source of income.
In Canada, you can apply for loans for unemployed valued between $100 and $1,500. No matter what amount you select, you’ll need to pay a 15% to 25% maximum cost of borrowing fee for every $100 you take out on a two-week term.
You’ll also notice that emergency loans for unemployed are small in terms of borrowing amount, so they are relatively more comfortable to pay back. You’ll have luck attaining this kind of loan with direct lenders because they approve loans in small values (as compared to banks and other traditional lenders that mainly deal with big amount loans).
Repayment terms and conditions are set by the lender at the time of loan approval and can vary from province to province. Usually, every lender offers a two week payback period* or the next paycheck. However, some lenders ount of payback period based on the applicant’s request, or the amount of the fast loan.
It’s also important to note that the applicant will be required to pay the amount in full by the specified date on the loan agreement. If you feel like you might be falling behind on a payment, or need more time to pay back your easy loan for unemployed, contact the lender right away to make adjustments to avoid taking a hit on your credit score.
Benefits of EI Payday Loans
EI payday loans have their own set of pros and cons, and depending on your situation and need, you should assess your personal needs to understand if this loan option is right for you.
But to offer some insight, we’ve listed some of the most common advantages of taking out a payday loan for EI recipients:
While approval is not 100% guaranteed, you can increase your chances at getting approved for an EI payday loan with the following tips:
Following these recommendations can help you improve your chances to qualify for a payday loan while on EI, regardless of the loan amount you are hoping to borrow.
Cash Loans for Unemployed
When selecting a lender for a cash loan for unemployed, you should conduct your research to make sure they are reputable. You can do this by reading customer reviews online or ask your friends or family if they’ve used in the past.
It’s also essential to understand how much your loan will cost. Some money lenders may be charging you a loan fee, interest fee, and some additional processing fees that you may not be aware of.
Make sure you read everything in the fine print before applying for an emergency cash loan if you’re unemployed with a specific lender, and if you can’t find clear answers, ask them questions directly.
All reputable lenders will make it easy for you to reach customer service representatives and should promptly reply to your inquiries. If they don’t, reconsider using them because you might have a hard time getting in touch with someone on their team after you take out a personal loan with them if you need to.
Borrow smartly, protect yourself from hidden fees and unaffordable monthly payments. Follow these best practices when applying for a cash loan for unemployed.
Apply for EI Loans
Eligibility requirements differ from lender to lender, based on the risk they are willing to undertake. Compared to other financial products, EI loans have limited qualification requirements making it easy for most people to be approved.
Direct lenders usually approve 90% of applications, but it still doesn’t mean that approval is guaranteed. No reputable lender will make that promise. However, it is still much easier to get approved from an employment insurance loan, regardless of your credit score.
Once you’ve selected a reputable lender, they are likely to ask you for the following documents and proof to process the loan application: